Two well-known retail brands — sandwich chain Jersey Mike’s and women’s fashion retailer Reformation — are moving forward with plans to go public, shining a light on a corner of the stock market that has seen its fewest listings in ten years.
Both companies announced price ranges for their stock offerings on Monday, pushing closer to listings that together aim to raise more capital than every U.S. consumer and retail IPO combined so far in 2026.
While IPOs in sectors like technology and industrials have driven overall U.S. listing volumes to record highs this year — with 73 companies raising a combined $130.1 billion — only five consumer and retail companies have gone public in 2026, according to data from LSEG.
Jersey Mike’s, which is owned by Blackstone, is looking to raise as much as $1.09 billion by pricing its shares between $21 and $25 each, which would give the company a valuation of nearly $8 billion. Reformation, backed by private equity firm Permira, is aiming to raise up to $239 million with shares priced between $15 and $17, targeting a valuation of up to $1 billion.
Together, the two companies are seeking to raise more than what the five retail IPOs of 2026 have collected in total. Companies typically begin trading on stock exchanges one to two weeks after setting their price range.
Rohit Singh, Morgan Stanley’s head of retail investment banking in the Americas, weighed in on the current climate for retail listings. “In retail broadly, I think the bar for IPOs has certainly gone higher over the last several years,” he said. “But there are clearly business models and brands that are poised to capture share in their respective verticals. And even in a world that is being disrupted by AI, I think there are real merits to the real economy.”
The retail IPO sector boomed during the record-setting U.S. IPO market of 2021, but many of those companies have had a rough road since going public. Rising interest rates and changing consumer spending habits weighed heavily on valuations, and several companies that listed that year — including Mister Car Wash, grill maker Weber, and European Wax Center — were eventually taken private again after their stocks underperformed.
Even companies that have gone public this year have shown uneven results. Shares of juice maker Suja Life have dropped more than 50%, while convenience store chain Yesway has remained roughly flat. By comparison, the Renaissance IPO Index, which follows the performance of some of the largest newly listed stocks, is up about 18% so far this year.
If Jersey Mike’s and Reformation make strong stock market debuts, analysts say it could encourage other retail companies sitting in the IPO pipeline to move forward with their own listings. Those waiting in the wings include gas station chain Cumberland Farms and Men’s Wearhouse owner Tailored Brands, both of which publicly filed IPO paperwork earlier this month.
Blackstone purchased Jersey Mike’s — which operates 3,300 locations — from founder Peter Cancro in 2025. Permira took a majority stake in Reformation, which describes itself as the largest sustainable womenswear brand in the world, back in 2019.
For the private equity firms backing these brands, a wave of successful IPOs would offer a much-needed exit path after years of slower dealmaking. Many buyout firms have been holding onto assets longer than originally planned and have turned to alternative strategies, such as continuation vehicles, while waiting for better market conditions.
